P.M. BRIEFING : Experts Warn of Gasoline Shortage

With the debut of the summer driving season only six weeks away, America’s refining industry may not be able to produce enough gasoline to meet demand, oil industry analysts said today.

The Alaskan oil spill and a fire at a major West Coast refiner have already cut supplies and boosted prices, setting the stage for higher prices by the time the Memorial Day weekend arrives.

Nationwide, average U.S. gasoline retail prices jumped more than 10 cents a gallon in the three-week period ended last Friday to $1.1063 a gallon, according to Lundberg Survey Inc., a Los Angeles-based consulting firm that tracks gasoline prices at 12,000 retail locations.

The price is the highest since 1986 and more than 14.5 cents a gallon above prices drivers were paying last year at this time.